AGRICULTURE BLOC FORCES REPUBLICANS TO AGREE TO HIGHER SURTAXES
Washington, D.C. (JFK+50) On October 14, 1921, word leaked out that after selling during three weeks in September more than $1,000,000,000 worth of industrial and railroad bonds held by the Treasury, the sale stopped "abruptly as soon as the agriculture bloc in the Senate forced the republican leaders to agree to higher surtaxes amounting to about 50 per cent."
David Lawrence writes in the Evening Star...
"The executive branch...is handicapped by the attitude of some members of Congress who are mostly concerned with a bill that looks well in print, a measure that seems to relieve the moderate incomes, but 'soaks' the people with capital."
Lawrence goes on to write that President Warren G. Harding...
"alone can reconcile the two, and before the tax program is finally completed his intervention is expected."
SOURCE
"President Likely To Intervene In Framing Tax Law," by David Lawrence, The Evening Star, October 14, 1921, Chronicling America, Library of Congress, www.loc.gov/
